Due to the current state of the economy, many students are worried about their financial futures. The Student Money Management Services aims to help students with these concerns.
Business major Andrew Fischer is a junior hoping to graduate in the spring of 2010. His educational background and interest has given him knowledge and skill of how to financially prepare for the future.
“It’s important for students to learn how to budget their money now before getting into the real world,” Fischer said. “There’s nothing funny about going into debt.”
SMMS provides students with free financial education services in individual sessions or group seminars. Students learn how to budget expenses, how to plan to pay off educational fees and how to become organized in money management decisions.
SMMS Director Duane Whitmire said there are three basic vehicles to the services. The first is the individual financial education session with a Financial Service Educator and trained student to discuss personal finances. The second is the Falconomics group seminars, which covers issues on debt, banking and spending plans, he said. The third is their Web site, which gives “all sorts of information to help students,” Duane said.
According to the University’s Web site, 69 percent of students have some sort of financial aid this semester. Whether it is a grant, loan or another form of aid, these students have to find a way to manage their money or they land in debt.
“The reason [SMMS] was created was because the students asked for it,” Whitmire said. “It can help them stay on track of personal finances as well as facilitate the development of their financial skills.”
Financial Services Educator Patricia Donnelly worked for a credit card insurance company for nine years before coming to the University. She facilitates the individual sessions and answers any questions the student might have regarding money.
“Students right now are still in the safety net of college,” Donnelly said. “We help build financial skills to get students prepared and to alleviate some of the stress.”
In the individual sessions, the students drive the session. Students are supposed to come prepared to the session with the questions they want to ask because each student might have a different question regarding their personal finances, Whitmire said. For example, one might want to know how to pay off their student loans and another student might want to know how to negotiate with future employers about salaries, he said.
Outside of the University, it costs money to have individual sessions with a financial advisor. At SMMS, all of the services are free for students. The Web site is located at www.bgsu.edu/offices/sa/smms/index.html.
“Financial stress is terrible and affects physical and mental well-being,” Donnelly said. “[SMMS] is a great opportunity for students who have never received financial education to raise their awareness and concerns for what’s going on.”